Q1. HOW DO I RESERVE A UNIT?
A. Reserve your unit for as low as P15,000 or upt P25,000. Pay via remittance to SM Development Corp (SMDC bank account details to be shared).
Requirements: Passport Copy, Marriage certificate (if married)
Fill out and sign Reservations Agreement Form, Payment Schedule & BIR Form.
Note: Reservation Fee is deductible from total downpayment. Reservations Fee is non-refundable.
Q2. WHEN DO I BEGIN PAYING DOWNPAYMENT?
A. You will begin paying downpayment 1 month after paying reservations fee.
Q3. HOW DO I PAY MY REMAINING BALANCE AFTER 2-5 YEARS OF DOWNPAYMENT?
A. SMDC has in-house financing or we can assist you with bank financing. There are two main requirements for securing a loan in the Philippines: a. you must not have a record of delinquent payment of a Philippine loan b. salary certicate showing an income of at least P50,000/month or equivalent in aed.
Q4. CAN A FOREIGNER PURCHASE A CONDOMINIUM IN THE PHILS?
A. Yes, foreigners can purchase condominium units in the Philippines. The only condition is that foreignerse cannot own more than 40% of the total number of units in any given condominium development.
Q5. BUYERS PROTECTED BY INSURANCE?
A. While the project is under construction, all liabilities fall under the condominium developer. After turnover of the project, the association dues paid by the unit owner secures for them a corporate insurance (this does not cover content and improvements you’ve made after the turnover).
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